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The Effects of Law, Culture and Political Risk: New Evidence from Mutual Fund Performance, Risk Taking and Fees

Mehri, Meryem; Jouaber, Kaouther (2014-04), The Effects of Law, Culture and Political Risk: New Evidence from Mutual Fund Performance, Risk Taking and Fees, 11th Harvard University Forum on Islamic Finance, 2014-04, Cambridge, MA, United States

Type
Communication / Conférence
Date
2014-04
Conference title
11th Harvard University Forum on Islamic Finance
Conference date
2014-04
Conference city
Cambridge, MA
Conference country
United States
Metadata
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Author(s)
Mehri, Meryem
Dauphine Recherches en Management [DRM]
Jouaber, Kaouther
Dauphine Recherches en Management [DRM]
Abstract (EN)
This paper considers an international sample of conventional and Islamic mutual funds to assess whether law, culture and political risk affect their compensation fees and expense ratio. The data are hand-collected from many sources. Overall, the results show strongly that legal conditions, culture and political risk have robust differential effects on fees. We find that Islamic mutual funds in countries with higher legal conditions receive lower fees, whereas conventional funds receive higher carried interest, lower fixed management fees and weaker expense ratio. Overall, Hoefsted culture’s measures affect significantly the fees’ structure with robust differential effects on Islamic and conventional funds. Focusing on political risk effects, we show that, in countries with higher political risk, the compensation fees and expense ratio will be higher. The components of country legality and political risk Index have significant differential effects on Islamic and conventional funds’ characteristics.
Subjects / Keywords
Law and finance; Political risk; Compensation fees; Expense ratio; Islamic mutual funds; Conventional mutual funds
JEL
K29 - Other
G23 - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
G24 - Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies

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